Young's agent, Mark Bartelstein, told The Associated Press on Friday that the deal is for one season in the $6 million range. Deals cannot be signed until July 11.
Young spent his first four-plus seasons with the Washington Wizards before he was traded to the Los Angeles Clippers in March. He's averaged 11.4 points over his career.
Young, a two-time all-conference standout at Southern California before becoming a consistent NBA scorer in five seasons with Washington, averaged 14.2 points last season, and 17.4 points in 2010-11. The versatile swingman could take the place of former Sixers guard Lou Williams, who opted out of the final year of his contract that was worth $6.4 million.
"He's got more size, gives you a little more versatility, and Nick's a big-time scorer," Bartelstein said. "The more we took a look at the situation, it's a perfect fit for Nick at this stage in his career."
Williams was runner-up to Oklahoma's James Harden in the NBA's Sixth Man of the Year Award. He said after the Sixers were eliminated by the Boston Celtics in the Eastern Conference semifinals, that, "If I was a better man, I think I would be back."
Young's arrival signaled the end of Williams' run. He averaged 11.3 points over a seven-year career with the Sixers.
"Philly, I appreciate you all. Unfortunately I will not be coming back, as an organization they decided to move in a different direction," he posted on Twitter shortly after the Young move became public.
At one point, Young and JaVale McGee were considered potential building blocks for Washington. But their play has been selfish or undisciplined at times.
And their behavior off the court had the Wizards wary as well.
During last offseason, a video circulated on the Internet showing Young and McGee engaging in something called the "Cinnamon Challenge," in which they swallowed spoonfuls of the spice.